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Post by bot on Nov 17, 2016 19:13:51 GMT -5
Fed's Yellen repeats that rate hike could come 'relatively soon'
WASHINGTON (MarketWatch) -- Ahead of an appearance before the Joint Economic Committee, Federal Reserve Chairwoman Janet Yellen on Thursday repeated the central bank's contention that an interest-rate hike could come "relatively soon." She said progress in the labor market has continued and that economic activity has picked up from the modest pace seen in the first half of this year. Inflation, while still below the central bank's 2% objective, has increased somewhat, Yellen said. Yellen added the central bank continues to expect that the evolution of the economy "will warrant only gradual increases in the federal funds rate over time to achieve and maintain maximum employment and price stability." Current policy was only "moderately accommodative" because the federal funds rate currently is only somewhat below estimates of the neutral rate, Yellen added
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